Spring Term Flashcards
(18 cards)
Democracy
When the country choses the ruler
Monarchy
Having rulers like kings
Dictatorship
One person has absolute power
Communism
Properties are held by the community or government instead of the individuals
Market economy
When prices are based off the business not the government
Command economy
A economy where the prices are determined by the government
GDP
Gross domestic product
Primary industry
The industry that is in charge of the wood and resources like that
Secondary industry
The industrial part of it all
Tertiary industry
Selling the goods
Quaternary industry
Kinda like the advertisement part of it all
Entrepreneur
A person who organizes and operates a business
Globalization
The process of sharing ideas
Innovation
The process of making changes
Division of labor
How the workers are assigned to tasks
Pop culture
Popular things in different cultures that are the same in others
Interdependence
To depend on other people or things of places
Economic interdependence
How the economy depends on the people
